Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peerto-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto